Rio Tinto has paid $8.4bn in taxes and royalties globally in 2024, marginally lower than the $8.5bn payment made in 2023, the company has revealed in its 2024 Taxes and Royalties Paid Report.
The majority of the payments in 2024, totalling $6.3bn, were made in Australia, which included corporate tax of $3.7bn.
The report also highlights payments in other regions where Rio Tinto operates. In Chile, the company paid $615m, while contributions in Canada amounted to $500m.
The company’s payments in Mongolia and the US amounted to $482m and $136m, respectively.
Rio Tinto chief financial officer Peter Cunningham said: “We seek to operate responsibly everywhere we work, and the taxes and royalties we pay to governments play a critical role in supporting the economic health and development of the regions where we operate.
“Our economic contribution can be significant for national budgets and local development priorities such as job creation and skills training for the countries where we do business. And our voluntary social investment delivers further value to communities, allowing them to invest in their own social and economic development for years to come.”
Over the past decade, Rio Tinto has contributed $77.3bn in taxes and royalties, with 78% paid in Australia.
Cunningham added: “Our commitment to safely and sustainably access the world’s essential materials underpins everything we do. We strive to operate responsibly at every stage of our business, and to continue to work to find better ways to support the communities in which we operate.”
In a separate development, Rio Tinto, in partnership with the University of Queensland, has launched the South Gobi Underground Mass Mining Institute (SGUMMI) at its Oyu Tolgoi mine in Mongolia to improve underground mining skills in the industry.
Beginning in 2026, SGUMMI will offer training to both local and international mining companies and seeks accreditation from a globally recognised mining university by the third year.
Rio Tinto CEO Jakob Stausholm said: “Oyu Tolgoi is a world-class Mongolian mine, built by over 20,000 Mongolians. It is an amazing feat of engineering, technological advancement and safety standards – skills and knowledge that we will continue to develop locally with the establishment of the South Gobi Underground Mass Mining Institute.”
Earlier this month, Rio Tinto completed the acquisition of Arcadium Lithium for $6.7bn.
